About 30% of the new managing directors are
millennials, and a huge chunk of them have been with
Goldman their entire careers.

Around 40% of the class were hired at the entry level as
analysts, and 20% started out as summer interns, according
to the firm.

It's further proof of Goldman's efforts to hold onto its own.

The firm wants a bigger percentage of the graduates it hires to
spend a full career at the bank, rather than just spending a
couple of years there and then leaving for hedge funds, private
equity, or other industries, which is a common career path
among junior bankers.

'Build their careers here'

Last week, Goldman Sachs
announced an overhaul to the way it promotes and rewards
investment bankers at the junior level.

"Everything that we're doing is to try to give us the best
opportunity to develop the best of those people and have a subset
of them want to build their careers here," said David
Solomon, Goldman's cohead of investment banking. "Not all of
them, but a subset of them."

The firm will start promoting top investment-banking
analysts to associates after only two years at the firm.

Typically, investment banks hire "analysts," or junior
bankers, for a two-year program directly out of
college. After the analysts put in their two years, most
move on to other jobs outside of banking.

Those who stay on usually do a third year as
analysts before being promoted to associates.
But Goldman did away with its two-year analyst program a
couple of years ago in an effort to encourage junior
bankers to see themselves at the bank more long term.

A
picture from Goldman Sachs' Hong Kong offices. Junior bankers in
their third year at Goldman Sachs will now have the option to go
on a rotational assignment.Goldman
Sachs

The new third-year promotion announced last week means that
junior bankers will get a pay raise sooner than they
normally would. Across Wall Street, associates
earn about $63,000 more than analysts, on average.

It also means that they are on a faster track to becoming vice
presidents, and eventually managing directors.

Another reward is a formal "mobility program" the firm is
introducing for junior bankers in their third year.

After completing two years in one assignment, analysts — some of
whom are promoted to associates — will go on rotational
assignment for another full year.

A third initiative will see changes in the type of work that
Goldman's junior bankers are doing.